job cuts

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Sony to Cut 10K Jobs
 Sony to Cut 10K Jobs 
Apr 9, 2012 6:58 AM CDT

Sony to Cut 10K Jobs

New CEO Kazuo Hirai reportedly trying to cut costs amidst weak TV sales

(Newser) - Sony will cut about 10,000 jobs worldwide over the next year as it tries to return to profit, Japanese news reports said today. The decision to slash 6% of its work force comes as it struggles with weak TV sales and swelling losses. New CEO Kazuo Hirai may announce...

Yahoo Lays Off 2K Workers
 Yahoo Lays Off 2K Workers 
Apr 4, 2012 9:15 AM CDT

Yahoo Lays Off 2K Workers

Moves were expected amidst flat growth

(Newser) - Yahoo is slashing 2,000 jobs, or about 14% of its workforce, the company announced today, in a long-expected cost-cutting move. The cuts will hit every department in the company, and sources tell the Wall Street Journal that yet more cost reduction measures are in the works, as Yahoo continues...

Citi Cutting 4,500 Jobs
 Citi Cutting 4,500 Jobs 
Dec 7, 2011 12:43 AM CST

Citi Cutting 4,500 Jobs

Bank faces 'extremely challenging' conditions, CEO says

(Newser) - Citigroup plans to cut some 4,500 jobs—2% of its global workforce—in the coming months as it "faces an extremely challenging operating environment," CEO Vikram Pandit warns. Pandit, who has cut more than 100,000 jobs at Citi since taking charge in 2007, says regulatory changes...

Bank of America to Cut 30K Jobs
 Bank of America 
 to Cut 30K Jobs 
the official plan
Sep 12, 2011 11:15 AM CDT

Bank of America to Cut 30K Jobs

Aims to save $5B per year

(Newser) - The rumored cuts ranged from 10,000 to 40,000 jobs. The reality is somewhere on the upper end: Bank of America says it will cut about 30,000 jobs over the next few years in a bid to save $5 billion per year. The troubled bank expects many of...

Bank of America Job Cuts May Reach 40K

Continues major overhaul in effort to slim down

(Newser) - Job cuts at Bank of America could hit a number much higher than earlier reported —four times higher: Executives are now discussing cutbacks to the tune of 40,000 positions, the Wall Street Journal reports. A final decision isn’t expected until later today. The bank is aiming to...

Bank of America to Slash Thousands of Jobs

As many as 10K could eventually get the boot

(Newser) - Bank of America Corp. is cutting 3,500 jobs this quarter, and plans to cut many more in the quarters ahead, as part of a drastic plan to overhaul the company. A source tells the Wall Street Journal that the company will probably dispose of at least 10,000 jobs...

Postal Service Wants to Cut 120K Jobs

It also aims to exit federal health, retirement plans

(Newser) - The US Postal Service is looking to cut 120,000 jobs—20% of its workforce—and pull its workers out of federal health and retirement plans, reports the Washington Post . USPS would replace those benefits plans with new ones of its own. The proposal, which would include layoffs currently banned...

HSBC to Cut 30K Jobs
 HSBC to Cut 30K Jobs 
Aug 1, 2011 5:44 AM CDT

HSBC to Cut 30K Jobs

But British bank hasn't said where

(Newser) - HSBC plans to cut some 30,000 jobs by 2013, shrinking its global workforce by 10%, the company says. As part of the plan, the British bank has cut 5,000 jobs this year, the AP reports. The firm didn’t say which countries would see cuts, though a rep...

Unemployment to Stay High for Years

Fed officials predict it will take about 5 years to return to normal

(Newser) - Unemployment will remain higher than normal for years to come, Fed officials predicted today. Even at the end of 2012, the rate is forecast to be between 6.8% and 7.5%—a decent turnaround from the current 10.2% but still about 2 points higher than the figure in...

AOL to Lay Off a Third of Staff
 AOL to Lay Off a Third of Staff 
Nov 19, 2009 8:13 AM CST

AOL to Lay Off a Third of Staff

Roughly 2300 will get the boot after spin-off

(Newser) - AOL says it plans to cut about a third of its work force once it is spun off from Time Warner. That would amount to nearly 2,300 of the roughly 6,900 workers at the struggling company. AOL said in a securities filing today it will impose the cuts...

Johnson & Johnson to Slash 8,700 Jobs

Company says moves will save up to $900M annually

(Newser) - Johnson & Johnson will cut 7% of its workforce—some 8,400 jobs—and make other other restructuring moves in order to save up to $900 million next year. The New Brunswick, NJ, company says it will also simplify its business structure in order to achieve savings that will add...

June Jobless Rate Hits 9.5%, a 26-Year High

363K job cuts predicted

(Newser) - Employers cut a larger-than-expected 467,000 jobs in June, driving the unemployment rate up to a 26-year high of 9.5% and suggesting that the economy's road to recovery will be bumpy. The Labor Department report released today, which shows 100,000 more jobs shed than expected, indicates that even...

Dow Ends Big Week Up 13
 Dow Ends Big Week Up 13 
MARKETS
Jun 5, 2009 3:15 PM CDT

Dow Ends Big Week Up 13

(Newser) - The markets stalled today even as the Dow flirted with its peak for the year, the Wall Street Journal reports. An early rally on better-than-expected job loss data lost steam on news that the unemployment rate itself grew to its highest since 1983. And insiders aren’t sure that oil...

AmEx to Ax 4K Jobs in $800M Chop
AmEx to Ax 4K Jobs in $800M Chop 
May 18, 2009 5:48 PM CDT

AmEx to Ax 4K Jobs in $800M Chop

Cuts are in addition to 7K workers laid off last fall

(Newser) - American Express said today it plans to slash 4,000 jobs as part of an $800 million cost-cutting plan, CNNMoney reports. The cuts are in addition to 7,000 workers slated last fall to be laid off. Amex also plans to reduce operating costs and investment spending. The company "...

Layoffs Slow as Unemployment Hits 8.9%, Worst Since '83

539K positions cut; jobless rate hits 8.9%, highest since 1983

(Newser) - The pace of layoffs slowed in April when US employers cut 539,000 jobs, the fewest in 6 months; economists had expected 620,000 job cuts. But the unemployment rate climbed to 8.9%, the highest since late 1983, as many businesses remain wary of hiring in a climate of...

GM to Cut 21K US Factory Jobs
 GM to Cut 21K US Factory Jobs 
Apr 27, 2009 8:53 AM CDT

GM to Cut 21K US Factory Jobs

Firm restructuring in bid for more government aid

(Newser) - General Motors will cut 21,000 US factory jobs by next year, phase out its Pontiac brand, and ask the government to take company stock in exchange for half of GM's government debt as part of a major restructuring effort needed to get more government aid, the firm said today....

Economy Forces 'Boomerang Kids' Back Home

Experts fear financial strain of dependent, adult kids

(Newser) - After losing their jobs and homes, some middle-aged adults are losing something else—independence from their parents, the Washington Post reports. The recession is forcing so-called “boomerang kids” back into their childhood homes, raising questions about how easily parents can accommodate refilled nests amid tough economic times. "It's...

Stocks Flat After Jobs Data
 Stocks Flat After Jobs Data 
MARKETs open
Apr 3, 2009 8:48 AM CDT

Stocks Flat After Jobs Data

(Newser) - Stocks ran out of gas at the open today, as investors digested a grim jobs report. The Dow and S&P were essentially flat, the Wall Street Journal reports, while the Nasdaq inched higher, on strong earnings from Research in Motion. The BlackBerry maker posted a 26% gain in earnings...

Unemployment Hits 8.5%, Highest in 25 Years

(Newser) - Another punishing month of job losses in March has pushed unemployment to a 25-year-high of 8.5%, the Labor Department said today. Total job losses for the 16-month recession have now passed 5 million. Nonfarm payrolls fell 663,000 in March, which mostly matched analyst estimates, the Wall Street Journal...

Report: 742K Jobs Cut in March

(Newser) - US employers cut an estimated 742,000 jobs in March, a larger drop than expected, Bloomberg reports. The figure, from a report based on private payroll data, comes days before the Labor Department is expected to make a similar announcement. If the numbers prove accurate, it would mean that employers...

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